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IAS 21 The Effects of Changes in Foreign Exchange Rates
 
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http://www.ifrsbox.com This is the short summary of IAS 21 The Effects of Changes in Foreign Exchange Rates. In today's world, the entities carry out their foreign activities in 2 ways: 1. They have some transactions in foreign currencies, or 2. They Have a foreign operation. An entity can also decide to present its financial statements in some foreign currency other than their own. The objective of IAS 21 is to prescribe • How to include foreign currency transactions and foreign operations in the financial statements of an entity; and • How to translate financial statements into a presentation currency. Functional currency is the currency of the primary economic environment in which the entity operates. It is the own entity's currency and all other currencies are "foreign currencies". The primary economic environment is normally the one in which the entity primarily generates and expends the cash, but more factors needed to be considered, such as the currency in which the sales prices are denominated, etc. Presentation currency is the currency in which the financial statements are presented. How to report transactions in FUNCTIONAL CURRENCY Initially, all foreign currency transactions shall be translated to functional currency by applying the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Subsequently, at the end of each reporting period, you should translate: • All monetary items in foreign currency using the closing rate; • All non-monetary items measured in terms of historical cost using the exchange rate at the date of transaction (historical rate); • All non-monetary items measured at fair value using the exchange rate at the date when the fair value was measured. All exchange rate differences shall be recognized in profit or loss with some exceptions. How to translate financial statements into a PRESENTATION CURRENCY When an entity's functional currency is NOT the currency of a hyperinflationary economy, then an entity should translate: • All assets and liabilities for each statement of financial position presented (including comparatives) using the closing rate at the date of that statement of financial position. • All income and expenses and other comprehensive income items (including comparatives) using the exchange rates at the date of transactions. All resulting exchange differences shall be recognized in other comprehensive income as a separate component of equity. For more information and other IFRS materials, please visit http://www.ifrsbox.com
Views: 60402 Silvia M. (of IFRSbox)
Foreign currency (IAS 21) Exchange differences - ACCA (SBR) lectures
 
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Foreign currency (IAS 21) Exchange differences - ACCA (SBR) lectures Free ACCA lectures for the Strategic Business Reporting (SBR) Exam Please go to OpenTuition to download the SBR notes used in this lecture, view all remaining (SBR) lectures, and post questions on the Ask the ACCA SBR Tutor Forums because we do not provide support on youtube comments section. *** Complete list of free ACCA lectures is available on https://opentuition.com/acca/sbr/ ***
Views: 1928 OpenTuition
IAS 21 — The Effects of Changes in Foreign Exchange Rates
 
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IAS 21 The Effects of Changes in Foreign Exchange Rates outlines how to account for foreign currency trans­ac­tions and op­er­a­tions in financial state­ments, and also how to translate financial state­ments into a pre­sen­ta­tion currency.
Ind AS 21   Treatment of exchange differences
 
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Ind AS 21 Treatment of exchange differences
CFA Level I - US GAAP vs IFRS - Part I (of 2)
 
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Part II of this video series is available to FinTree On-line Program Subscribers. To know more visit us at : FinTree website link: http://www.fintreeindia.com FB Page link :http://www.facebook.com/Fin... We love what we do, and we make awesome video lectures for CFA and FRM exams. Our Video Lectures are comprehensive, easy to understand and most importantly, fun to study with! This Video lecture was recorded by our popular trainer for CFA, Mr. Utkarsh Jain, during one of his live CFA Level I Classes in Pune (India). This Video Lecture series covers following key differences between US GAAP vs IFRS which can be tested on CFA Level I Exams. 1. Statement of Comprehensive Income IFRS : Income Statement can be Combined with Other Comprehensive Income and presented a Single Statement of Comprehensive Income i.e. IS + OCI = CI OR IS and CI can be presented separately US GAAP: Similar Presentation except that firms can choose to report Comprehensive Income in Statement of Shareholders Equity 2. Elements Related to Performance IFRS : Income , Expenses US GAAP : Revenues, Expenses, Gains, Losses, Comprehensive Income 3. Revenue Recognition Criteria for Sale of Goods IFRS : Risk and Reward is transferred No control over the goods Revenue reliably measured Probable flow of economic benefits Cost can be reliably measured US GAAP : Revenue is realized/ realizable Earned 4. Long Term Contracts IFRS : When outcome can’t be reliably measured-revenue is recognized to the extent of cost, cost are expenses when incurred, profit recognized on completion US GAAP : When outcome can’t be reliably measured- Completed Contract Method, Revenue, expenses and profit is recognized when the contract is complete 5. Barter Transactions IFRS : Revenue must be based on fair value of revenue from similar non barter transaction with non related parties US GAAP : Revenue can be recognized at fair value only if firm has historically received cash payments for such goods/services 6. Extraordinary Items IFRS : Does not allow extraordinary items to be reported separately US GAAP : Unusual and Infrequent items- Reported separately in the income statement , net of tax, after income from continuing operations 7.Balance Sheet Presentation IFRS : IFRS does not specify the order in which current or non current assets/ liability should be presented Generally, Companies using IFRS order balance sheet information from least liquid to most liquid. US GAAP : Generally, Companies using U.S. GAAP (e.g., Colgate) order items on the balance sheet from most liquid to least liquid 8. Cash Flow Statement Items- Non Financial Firm IFRS : Dividend Paid: CFO/CFF Interest Paid: CFO/CFF Dividend Received: CFO/CFI Interest Received: CFO/CFI Taxes Related to Operating activities: CFO Taxes related to Financing Activities: CFF Taxes Related to Investing activities: CFI US GAAP : Dividend Paid: CFF Interest Paid: CFO Dividend Received: CFO Interest Received: CFO Taxes Related to Operating activities: CFO Taxes related to Financing Activities: CFO Taxes Related to Investing activities: CFO 9.Cash Flow Statement Presentation US GAAP: If direct method is used, Firm must add a disclosure of indirect method Most companies use indirect method IFRS: No such disclosure required 10. Inventory Valuation Methods IFRS: Specific Identification Weighted Average FIFO US GAAP: Specific Identification Weighted Average FIFO LIFO 11. Inventory Write Downs Explained through a Flow Chart. 12. Capitalized Interest IFRS: Income earned by temporary investing borrowed funds reduces the interest that is eligible for capitalization US GAAP: No such reduction 13. Research and Development cost IFRS : Research cost - Expensed Development Cost - Capitalized US GAAP : Research Cost- Expensed Development Cost – Expensed (* Software Development Cost ) 14.Software Development Cost Explained through a Flow Chart. 15. Component Depreciation IFRS : IFRS Requires firms to depreciate component of Assets separately Requiring useful life estimates for each component US GAAP: Component Depreciation is allowed, but seldom used. 16. Cost vs. Revaluation Model IFRS : Firms can either use Cost or Revaluation Model However, same model should be asset for entire asset class Revaluation model is rarely used in practice US GAAP : Assets are reported at Cost (–) Accumulated Depreciation 17.Impairment of PPE Explained through a Flow Chart/ 18. Investment PPE IFRS : Property owned for the purpose of collecting rental income or capital appreciation is classified as Investment PPE. Gives a choice of Cost or Fair Value for Investment PPE Use same valuation model for all PPE 19. Long Term Bond Liability- Calculation 20. Bond Issuance Cost 21. Deferred Tax Assets/ Deferred Tax Liabilities 22. Classification of Lease- Books of Lessee 23. Classification of Lease- Books of Lessor 24. Component of Pension Expense
Views: 44169 FinTree
AS 11 - "Accounting for Changes in Foreign Exchange Rates"
 
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CA Final - Old Syllabus Students You can download my notes from my facebook about page - CA Final - OLD Syllabus Links Accounting Standards Material https://www.dropbox.com/s/xdf0c7n1zcjw4oo/Accounting%20Standards%20Full%20INCLUSING%20ANSWERS.pdf?dl=0 Financial Reporting Material https://www.dropbox.com/s/szcfu5xpla5mty4/CA%20Final%20Old%20Syllabus.pdf?dl=0 Changes in Financial Reporting https://www.dropbox.com/s/2nzjbfknqkh1gbk/Changes%20in%20FR.pdf?dl=0 Comparisons between IND AS vs AS https://www.dropbox.com/s/gh3qh9pjxe9zdw2/IND%20AS%20vs%20AS%20Comparison.pdf?dl=0 Watch all the videos free of cost on my Youtube Channel Follow the Link - https://www.youtube.com/knvsantoshmehra CA Santosh Mehra is a Diploma in IFRS from ACCA – UK subsequent to which he attained CERTIFICATION IN IND-AS / IFRS by ICAI in 2015. He is known for his skill in implementation of IFRS and IND AS with various enterprises in India and outside India. He is a certified trainer by ICAI for qualified CAs in various centres of ICAI. https://www.facebook.com/casantoshmehra/
Views: 31750 Santosh Mehra
Exchange of Nonmonetary Assets (Financial Accounting)
 
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This video explains how to account for exchanges of nonmonetary assets (such as one company swapping trucks with another company). The general rule is to record the asset received at its fair market value and book any gain or loss, unless one of three exceptions applies. The example presented in this video shows the accounting treatment for both firms in the situation where fair market value is used and a gain is recorded. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 12161 Edspira
IFRS 11 Joint Arrangements - summary
 
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http://www.ifrsbox.com This is the short summary of the standard IFRS 11 Joint Arrangements. The objective of this standard is to establish principles for financial reporting by entities that have an interest in arrangements that are controlled jointly (i.e. joint arrangements). Standard IFRS 11 defines joint control as the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. IFRS 11 classifies joint arrangements into 2 categories: 1. Joint ventures – the parties have rights to net assets of the arrangements. The interest in joint venture is accounted for using the equity method under IAS 28. 2. Joint operations – the parties have rights to assets and obligations for the liabilities of the joint arrangement. The joint operator accounts for its assets, liabilities, revenues and expenses (including the share on items incurred jointly).
Views: 32583 Silvia M. (of IFRSbox)
IAS 16 Property, Plant and Equipment - summary
 
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http://www.ifrsbox.com This is a short executive summary of IAS 16 Property, Plant and Equipment.. Get "Top 7 IFRS Mistakes" report and e-mail updates at http://www.ifrsbox.com
Views: 161579 Silvia M. (of IFRSbox)
IFRS VS U.S. GAAP Demystified
 
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CFA Video Lectures by IFT For more videos, notes, practice questions, mock exams and more visit: http://www.ift.world/ Facebook: facebook.com/CFA.Trainer For any Level I questions, join our Open Study Group on Linkedin: https://www.linkedin.com/groups/6712279
Views: 6592 IFT
IAS 36 Impairment of Assets
 
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http://www.ifrsbox.com Get "Top 7 IFRS Mistakes" and e-mail updates at http://www.ifrsbox.com The objective of IAS 36 Impairment of assets is to ensure that assets are carried at no more than their recoverable amount and to define how recoverable amount is determined. This summary explains that an asset is impaired when its carrying amount exceeds its recoverable amount. Impairment loss is a difference between asset's recoverable and carrying amount. Then, an entity needs to assess the indicators of impairment at least annually, both from external and internal sources. If there is an indication of impairment, an entity must perform impairment testing and determine asset's recoverable amount. Recoverable amount represents a higher of asset's fair value less cost to sell and value in use. Fair value of an asset is determined in line with the standard IFRS 13 Fair value measurement. Value in use is the present value of the future cash flows expected to be derived from an asset or cash generating unit. This video explains how to estimate future cash flows expected from the asset and how to determine the appropriate discount rate for setting the present value. Once you have calculated the amount of your impairment loss as a difference between asset's carrying amount and it's recoverable amount, you need to recognize this impairment loss in the financial statements based on the model applied. When an entity applies cost model for the asset under review, then the impairment loss is recognized immediately in profit or loss. When an entity carries its assets under review at revalued amount (for example, in accordance with revaluation model in IAS 16), then any impairment loss shall be treated as a revaluation decrease in accordance with that standard. After the recognition of an impairment loss, it is also necessary to adjust depreciation for future periods. Sometimes it's not possible to determine recoverable amount for individual asset and therefore, you need to determine your cash generating unit that is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. This summary also deals with the following situations: - Impairment loss of cash generating units - Impairment loss in business combinations with goodwill - Corporate assets You will also learn about reversals of impairment loss: when and how to do it. Visit my web and enjoy IFRS learning at http://www.ifrsbox.com!
Views: 197986 Silvia M. (of IFRSbox)
CPA Exam Lecture: FAR -  Intro to Conversion of Foreign Financial Statements
 
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This free video lecture from Wiley CPAexcel features the very latest updates from AICPA on Conversion of Foreign Financial Statements (testable on the FAR section of the July 2015 CPA Exam). Prof. Pam Smith of Northern Illinois University walks us through an overview of converting a foreign currency to a domestic currency. There are two methods of conversion: translation and remeasurement. The key criteria for determining the method of conversion is to determine the entities function currency. This lesson describes both methods of conversion and how to determine which is appropriate. Get your free trial of Wiley CPAexcel today http://ow.ly/ICCtm.
Differences between U.S. GAAP & IFRS: Property, Plant, & Equipment
 
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What are the differences between GAAP and IFRS when it comes to fixed assets? Tune in as Mary Balmer, CPA unveils these important considerations for the accounting of property, plant, & equipment assets. www.sagefixedassets.com
Views: 13386 SageFASFixedAssets
Hedge Accounting IAS 39 vs. IFRS 9
 
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http://www.ifrsbox.com Get free report Top 7 IFRS Mistakes! On 19 November 2013, new rules for hedge accounting were issued in the amendment to IFRS 9. A hedging is making an investment or acquiring some derivative or non-derivative instruments in order to offset potential losses (or gains) that may be incurred on some items as a result of particular risk. A hedge accounting means designating one or more hedging instruments so that their change in fair value offsets the change in fair value or the change in cash flows of a hedged item. Hedge accounting rules in IAS 39 are too complex and strict. Many companies that actively pursued hedging strategies could not apply hedge accounting in line with IAS 39 because the rules did not allow it. As a result, new hedging rules in IFRS 9 were issued. What do IAS 39 and IFRS 9 have in common: 1. Optional: A hedge accounting is an option, not an obligation -- both in line with IAS 39 and IFRS 9. 2. Terminology: Both standards use the same most important terms: hedged item, hedging instrument, fair value hedge, cash flow hedge, hedge effectiveness, etc. 3. Hedge documentation: Both IAS 39 and IFRS 9 require hedge documentation in order to qualify for a hedge accounting. 4. Categories of hedges: Both IAS 39 and IFRS 9 arrange the hedge accounting for the same categories: fair value hedge, cash flow hedge and net investment hedge. 5. Hedge ineffectiveness: Both IAS 39 and IFRS 9 require accounting for any hedge ineffectiveness in profit or loss. 6. Use of written options as hedging instruments is prohibited by both standards. Differences in hedge accounting between IAS 39 and IFRS 9 Under new IFRS 9 rules, you can apply hedge accounting to more situations as before because the rules are more practical, principle based and less strict. The most important changes: 1. What can be used as a hedging instrument IFRS 9 allows you to use broader range of hedging instruments, so now you can use any non-derivative financial asset or liability measured at fair value through profit or loss. 2. What can be your hedged item With regard to non-financial items IAS 39 allows hedging only a non-financial item in its entirety and not just some risk component of it. IFRS 9 allows hedging a risk component of a non-financial item if that component is separately identifiable and measurable. 3. Testing hedge effectiveness IAS 39 requires numerical tests of hedge effectiveness, both prospectively and retrospectively. IFRS 9 outlines more principle-based criteria with no specific numerical thresholds. 4. Rebalancing IAS 39 required terminating the current hedge relationship and starting the new one. IFRS 9 makes it easier, because it allows certain changes to the hedge relationship without necessity to terminate it and to start the new one. 5. Discontinuing hedge accounting IAS 39 allowed companies to discontinue hedge accounting voluntarily, when the company wants to. IFRS 9 does not permit that. 6. Other differences There is a number of other differences between hedge accounting under IAS 39 and IFRS 9 -- please check this video to learn more!
Views: 103842 Silvia M. (of IFRSbox)
IFRS 3 Business Combinations - Summary
 
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http://www.ifrsbox.com This is the short summary of IFRS 3 Business Combinations. The objective of IFRS 3 is to improve the relevance, reliability and comparability of the information that a reporting entity provides in its financial statements about a business combination and its effects. IFRS 3: • Recognizes and measures the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree; • Recognizes and measures the goodwill acquired in the business combination, or a gain from a bargain purchase; • Determines what information to disclose about the business combination. An investment must constitute a business before we can apply IFRS 3. IFRS 3 requires application of the acquisition method for each business combination. 4 steps: • Step 1: Identifying the acquirer, • Step 2: Determining the acquisition date, • Step 3: Recognizing and measuring the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquiree; • Step 4: Recognizing and measuring goodwill or a gain from a bargain purchase. If you’d like to learn how to consolidate, or anything about IFRS in general, please visit http://www.ifrsbox.com and subscribe to our free IFRS mini-course. Thank you!
Views: 98774 Silvia M. (of IFRSbox)
ACCA P2 Foreign currency (IAS 21) - Functional currency
 
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ACCA P2 Foreign currency (IAS 21) - Functional currency Free lectures for the ACCA P2 Corporate Reporting Exams
Views: 20174 OpenTuition
Non Monetary Exchange, Video 2
 
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In this video I discuss the following concepts: 1. What is commercial substance? There are two tests for commercial substance in IFRS (Canadian). I discuss both tests and also provide examples. 2. How to account for a non-monetary exchange if it has commercial substance under IFRS (Canadian). 3. What fair value is defined as under IFRS (Canadian). 4. Why IFRS (Canadian) requires you to use the fair value of the asset given up....unless the fair value of the asset received is more determinable. 5. The steps required to record a non-monetary transaction with commercial substance. There is a lot in this video. Consider using the above focusing statements when you watch the video and make notes.
Property Plant And Equipment Nonmonetary Exchange (Gains & Losses Recognized)
 
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Accounting for exchanges of nonmonetary assets (long term assets, fixed assets as property, plant and equipment), example where two companies exchange assets plus cash is involved in the exchange, gains and losses are calculated based on three case senarios (1) exchange lacks comercial substance where the gain is deferred, (2) exchange has commercial substance where the gain is realized and (3) exchange transaction results in a loss, calculations are made for the valuation of equipment for gain deferred versus gain realized on the disposal, cost of new equipment and loss on disposal, basic rules using a decision table for summary for accounting requirements for recognizing gains and losses on exchanges of nonmonetary assets, example would be for Corp-A trading in old machine for a new machine or where Corp-A and Corp-B exchange machines, may require cash given or cash received, Exchange of Nonmonetary Assets (Gain/Loss Recognition): (1) Compute total Gain or Loss asset given up: (Fair value - book value) = Gain or Loss, (2) If Loss (recognize entire Loss), or(3) If Gain: (a) Yes commercial substance (recognize entire Gain), (b) No commercial substance: (1) No cash involved (No Gain recognized), (2) Some cash given (No Gain recognized), (3) Some cash received (Portion of Gain recognized): (cash receivded boot/cash received + other assets received) x gain = portion of gain recognized, if cash exchanged greater than 25 percent fair value of exchange recognize entire gain, details by Allen Mursau
Views: 15500 Allen Mursau
Accounting for Foreign Currency - Part 1/5
 
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Created on 3 October 2013. It covers the accounting for the effects of changes in foreign exchange rates pursuant to AASB121 (which is equivalent to IAS21). Topics include: - Accounting for foreign currency transactions - Accounting for foreign currency translations Part 1 is an introduction to the topic as well various required definitions
Views: 21928 drdavebond
ACCA P2 Gain or loss on translation of the overseas subsidiary
 
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ACCA P2 Gain or loss on translation of the overseas subsidiary Free lectures for the ACCA P2 Corporate Reporting Exams
Views: 11484 OpenTuition
IAS 12 Income Taxes
 
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http://www.ifrsbox.com Short executive summary of IAS 12 Income Taxes. Get "Top 7 IFRS Mistakes" and e-mail updates at http://www.ifrsbox.com
Views: 99738 Silvia M. (of IFRSbox)
Calculating Prices In Different Currencies Using Exchange Rates [Foreign Exchange Calculator]
 
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Certified Forex Broker with a 🔥Profit of up to 95%🔥! Totally Free 5000$ Demo account! + 💵 Register and Get Best Trading Strategy 🚩+ Trade Crypto Now 🔜 https://goo.gl/BF8a6A ................................................................................................................How to Add Real Time Currency Converter in Excel Sheet (Calculate Currency & update) Exchange depreciation and appreciation of currency real time currency converter for excel types of foreign exchange rate system Exchange Rate Foreign ms excel currency calculation Foreign Exchange Rates Free Presentation software Class 12 macroeconomics Make your own animation Free animation software floating exchange rate foreign exchange rate Forward Exchange Rate International finance Animated Presentation Presentation software currency appreciation currency depreciation Currency conversion exchange rate international trade currency conversion calculator question exchange rates 2 decimal places macroeconomics Finance Tutorial Animated Videos Silver Stacking economics Cross Rates Crash Course gold standard trade deficit forex markets IFRS lectures Animated Clip IB Economics AP Economics IAS lectures appreciation depreciation fluctuations forex market new website Paypal IFRS course crashcourse currency IFRS video econ bangladesh Market spot rate tutorials exchange IAS 21 floating clifford
Ind AS 21 / IAS 21 / AS 11 - The effect of Changes in Foreign Exchange Rates
 
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Ind AS 21 / IAS 21 / AS 11 - The effect of Changes in Foreign Exchange Rates (Concept of Functional Currency - Session I) - By CA Ranjay Mishra
Views: 1401 CA. Ranjay Mishra
Foreign Currency Transaction Fair Value And Cash Flow Method Accounting
 
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Foreign currecy transaction where domestic company buys or sells product to foreign company and foreign company pays for product based on the denominated foreign currency, example includes complete accounting with journal entries for balance sheet and income statement recorded at the time of the sale, year end revaluation for fluctuations (spot rate) of foreign currency and at the settlement (delivery) date, demonstrating both the Fair Value Method and Cash Flow Method for any realized or unrealized gains or losses on the transaction, complete accounting example with journal entries for the balance sheet and income statement by Allen Mursau
Views: 16976 Allen Mursau
ACCA P2 Foreign currency - Group accounts
 
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Free lectures for the ACCA P2 Corporate Reporting Exams
Views: 19002 OpenTuition
IAS 18 Revenue - summary
 
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http://www.ifrsbox.com This is short executive summary of standard IAS 18 Revenue. Get "Top 7 IFRS Mistakes" report and e-mail updates at http://www.ifrsbox.com
Views: 61486 Silvia M. (of IFRSbox)
IAS 21 - Example - ACCA Financial Reporting (FR)
 
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IAS 21 - Example - ACCA Financial Reporting (FR) Free lectures for the ACCA Financial Reporting (FR) Exam To benefit from this lecture, visit OpenTuition to download the notes used in the lecture and access all ACCA free resources. Access to all Financial Reporting lectures, and Ask the ACCA Tutor Forums Please go to opentuition to post questions to our ACCA Tutor, we do not provide support on youtube comments section. *** Complete list of free ACCA lectures is available on https://opentuition.com/acca/fr/ ***
Views: 1252 OpenTuition
Translation of Financial Statements of Foreign Operations
 
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join my Whatsapp Broadcast / Group to receive daily lectures on similar topics through this Whatsapp direct link https://wa.me/917736022001 by simply messaging YOUTUBE LECTURES Did you liked this video lecture? Then please check out the complete course related to this lecture, available at discounted (10% off ) price with life time validity and certificate of completion. Enrollment Link For Students Outside India: https://bit.ly/2MoLJ14 Enrollment Link For Students From India: https://www.instamojo.com/caraja/accounting-standards-a-complete-study/?discount=inyasacs2 Our website link : https://www.carajaclasses.com Welcome to this course "Accounting Standards A Complete Study" The objective of this course is to have a complete overview of theory and practice of Accounting Standards issued by Institute of Chartered Accountants of India. In this course, i have taken efforts to explain each and every part of Accounting Standards and they will be supported by case studies as well. Knowledge of Accounting Standards is very essential from Examination perspective as well from Practical angle. Because, Accounting Standards significantly influence the way Financial Statements are prepared and presented. Students pursuing professional courses like Chartered Accountancy, Cost and Management Accountancy, Company Secretaryship, etc. should have through knowledge of Accounting Standards. I will be covering following Accounting Standards in this course: AS 1 Disclosure of Accounting Policies AS 2 Valuation of Inventories AS 3 Cash Flow Statements AS 4 Contingencies and events occuring after Balance Sheet Date AS 5 Net Profit or Loss for the period, Prior period items and Changes in Accounting Policies AS 10 Property, Plant and Equipment AS 11 Effects of Changes in Foreign Exchange Rates AS 12 Accounting for Government Grants AS 13 Accounting for Investments AS 16 Borrowing Costs AS 17 Segment Reporting AS 22 Accounting for Taxes on Income This course is structured in self paced learning style. You can learn these number crunching topics at your own pace. Use head phone, have note pad / excel opened to scribble or take note of what you are learning. As already mentioned in the Disclaimer, i have added only two AS now. More will be added in the coming days. Wish you a happy learning.
Views: 267 CARAJACLASSES
Accounting for Foreign Currency Translations
 
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FX Accounting can be one of the toughest areas of financial reporting. This video is designed to assist accountant with properly accounting for changes in foreign currency exchange rates.
Views: 30785 Michael Cooper
Accounting for Foreign Exchange Gains and Losses for Sage 300
 
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Join Mantralogix for our first Screencast. Learn how to streamline the process for accounting for foreign exchange gains and losses when using Sage 300. Read more on our blog here: http://bit.ly/1DULsnI http://www.mantralogix.com https://www.linkedin.com/company/mantralogix http://www.twitter.com/mantralogix http://www.facebook.com/mantralogix
Views: 6124 Mantralogix
Non-Monetary Exchanges, With Commercial Substance - Video 5
 
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In this video I solve another problem, recording the non-monetary exchanges with commercial substance, with a focus on how to deal with the fair value check. Note that, when a non-monetary exchange is with commercial substance, IFRS requires that companies use the fair value of the asset given up UNLESS the fair value of the asset received is more determinable. In these examples the fair value of the assets given up ARE determinable and therefore that is what is used. To download the question click on my DropBox link below. https://www.dropbox.com/s/s1x8ie9fhc3x4bb/Non%20Monetary%20Exchange%20Problems.pdf?dl=0 Thanks for watching! Else
Exchange of Nonmonetary Assets (lacks commercial substance)
 
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This video explains how to account for exchanges of nonmonetary assets (such as one company swapping trucks with another company) when the transaction lacks commercial substance or the fair market value cannot be determined. No gain or loss is recognized on such transactions, and the asset received takes on the book value of the asset that is being traded away (any cash received is added to this book value and capitalized as well). Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 9983 Edspira
FINBites: Foreign Exchange - Translation
 
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This video is part of the FINbites Accounting for Foreign Exchange series, a joint production of Chartered Accountants Australian and New Zealand and drdavebond. In this video we'll look at how a foreign exchange translation is accounted for using IAS 21 The Effects of Changes in Foreign Exchange Rates. Presenter: Dr David Bond CA. For more info on the CA Program: http://www.charteredaccountants.com.au/candidates/the-chartered-accountants-program
Views: 6116 drdavebond
Consolidated Cash Flow Statement with Foreign Currencies
 
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http://www.ifrsbox.com Many groups prepare their consolidated cash flow statement completely wrong. In this video, you'll learn what's the problem and how to do it right. Enjoy and for more goodies like this, subscribe to my free newsletter on http://www.ifrsbox.com
Views: 10135 Silvia M. (of IFRSbox)
Exchanges of Non-Monetary Assets | Intermediate Accounting | CPA Exam FAR | Chp 10 p 4
 
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Nonmonetary  assets  such  as  inventory  or  property,  plant,  and  equipment  are  items whose  price  may  change  over  time.  Controversy  exists  in  regard  to  the  accounting  for  these  assets when one nonmonetary asset is exchanged for another nonmonetary asset  18.  As  stated  previously,  ordinarily  companies  account  for  the  exchange  of  nonmonetary assets on the basis of the fair value of the asset given up or the fair value of the asset received, whichever is clearly more evident. Thus, companies should  recognize immediately any gains or losses on the exchange. The  rationale for immediate  recognition is that most transactions have  commercial  substance  and  therefore  should  be  recognized.  An  exchange  as commercial substance if the future cash flows change as a  result of the transaction. An exchange of trucks with different useful lives might have commercial substance while an exchange of trucks with no  significant difference in useful lives would probably not.  19.  Companies immediately recognize losses they incur on all exchanges. The accounting for gains  depends  on  whether  the  exchange  has  commercial  substance.  If  the  exchange  has  commercial  substance,  the  company  recognizes  the  gain  immediately.  However,  the  rule  for immediate  recognition  of  a  gain  when  an  exchange  lacks  commercial  substance  is  treated differently. If the company receives no cash (boot) in such an exchange, it defers recognition of a gain.  If  the  company  receives  cash  in  such  an  exchange,  it  recognizes  part  of  the  gain immediately. The portion to be  recognized is equal to the  ratio of the cash  received to the total consideration received times the total gain indicated.  20.  To summarize these concepts, when a transaction involves an exchange of nonmonetary  assets,  losses  are  always  recognized.  Gains  are  recognized  if  the  exchange  has  commercial substance.  However,  gains  are  deferred  (not  immediately  recognized)  if  the  exchange  has  no  commercial substance, unless cash or some other form of monetary consideration is received, in which  case  a  partial  gain  is  recognized.  Also,  a  gain  or  loss  on the  exchange  of  nonmonetary assets is computed by comparing the book value of the asset given up with the fair value of that same  asset.  The  examples  shown  below  are  designed  to  demonstrate  the  various  situations where exchanges of nonmonetary assets are included Commercial Substance, Lacks Commercial Substance—No Cash Received. boot received, boot paid, Plant assets, property plant and equipment, PP&E, fixed assets, depreciation expense, accumulated depreciation, gain on disposal of plant assets, acquisition cost, land improvement, salvage value, residual value, useful life,
Property Plant And Equipment Nonmonetary Exchange (Gain On Trade In Of Equipment)
 
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Accounting for exchanges of nonmonetary assets (long term assets, fixed assets as property, plant and equipment), example is where a company trades in an old machine for a new machine and pays the balance due on the exchange with cash recognizing a gain on the exchange with comercial substance and without commercial substance, calculates the book value of the old machine traded, gain on disposal, cost of new machine and records the journal entries for the exchange, the cash paid on the exchange is greater than the fair value of the machine acquired, therefore the gain is not deferred and recognize the entire gain, basic rules using a decision table for summary for accounting requirements for recognizing gains and losses on exchanges of nonmonetary assets, example would be for Corp-A trading in old machine for a new machine or where Corp-A and Corp-B exchange machines, may require cash given or cash received, Exchange of Nonmonetary Assets (Gain/Loss Recognition): (1) Compute total Gain or Loss asset given up: (Fair value - book value) = Gain or Loss, (2) If Loss (recognize entire Loss), or(3) If Gain: (a) Yes commercial substance (recognize entire Gain), (b) No commercial substance: (1) No cash involved (No Gain recognized), (2) Some cash given (No Gain recognized), (3) Some cash received (Portion of Gain recognized): (cash receivded boot/cash received + other assets received) x gain = portion of gain recognized, if cash exchanged greater than 25 percent fair value of exchange recognize entire gain, details by Allen Mursau
Views: 6474 Allen Mursau
Converting Foreign Currency Financial Statements April 2015
 
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See the presentation and notes on Slide Share -
Views: 6819 Farrell CPA
IAS 28 Investments in Associates and Joint Ventures
 
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http://www.ifrsbox.com This is the short summary of the standard IAS 28 Investments in Associates and Joint Ventures .The objective of IAS 28 is: • To prescribe the accounting for investments in associates, and • To set out the requirements for the application of the equity method when accounting for investments in associates and joint ventures. Standard IAS 28 defines significant influence as the power to participate in the financial and operating policy decisions of the investee, but is NOT a control or joint control of those policies. The main indicator of significant influence is holding (directly or indirectly) more than 20% of the voting power of the investee. The basic principles of equity method are: 1. The investment in an associate or joint venture is recognized at cost on initial recognition (acquisition date). 2. The carrying amount of the investment is increased or decreased by the investor’s share on investee’s net profit or loss after the acquisition date. 3. When investee distributes some dividends to the investor, then this distribution decreases the carrying amount of the investment. IAS 28 sets also exemptions from equity method, when to discontinue equity method and equity method procedures.
Views: 53213 Silvia M. (of IFRSbox)
Foreign Exchange Hedging Programs - Exposures & Mechanics
 
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@ Members :: This Video would let you know about various Exposures in Foreign Exchange Hedging Program like Transaction Exposure , Translation Exposure , Revaluation Exposure , Economic Exposure and Accounting Exposure. You are most welcome to connect with us at 91-9899242978 (Handheld) , [email protected] , [email protected] , Skype ~ Rahul5327 , Twitter @ Rahulmagan8 or visit our website - www.treasuryconsulting.in
Gains and Losses on Disposal of Property, Plant and Equipment (Financial Accounting Tutorial #60)
 
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75% OFF the Full Crash Course on Udemy: http://bit.ly/2oZIdcP What happens when you dispose of an asset by selling it? How are the proceeds accounted for? Are there gains and losses to be reported? Well in this video we demonstrate how to account for the amortization up until the date of disposal/sale and then we account and journalize the sale. Remember that the normal balance for gains are CREDITS and the normal balance for losses are DEBITS. So if you have a loss, DEBIT it and if you have a gain CREDIT IT. Gains increase equity indirectly which is why their normal balance is a credit! Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 22289 Notepirate
Foreign Exchange fluctuation Gain or Loss
 
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Foreign Exchange fluctuation Gain or Loss, Journal entries, Tally classes in telugu, tally material, how to post journal entries in tally, how to invoice in tally, foreign exchange gain or loss
How to measure assets under IFRS 16
 
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The session briefly discusses how to measure the value of an asset on initial and subsequent measurement under IFRS 16 Leases
IFRS 9 - Hedge Accounting of Interest Rate Swaps (IRS)
 
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Members :: Treasury Consulting LLP Pleased to Present Video Titled - " IFRS 9 - Hedge Accounting of Interest Rates Swaps (IRS) ". Video would be covering as how Corporate Treasurers can do Hedge Accounting of Interest Rate Swaps in his books using Principal Only Swaps (POS) , Coupon Only Swaps (COS) and Cross Currency Interest Rate Swaps (CCIRS). Video would be covering implications of Cash Flow Hedging , Fair Value Hedging. You are most welcome to connect with us at 91-9899242978 (Handheld) , [email protected] , [email protected] , Skype ID ~ Rahul5327 , Twitter @ Rahumagan8 or our website - www.treasuryconsulting.in
IAS 12-Deferred tax balance and movement calculation ( IFRS )
 
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Get more free videos to help you pass FAC3701? Visit https://goo.gl/izdfN3 for more info. HOW DOES TABALDI HELP YOU PASS FAC3701? Tabaldi helps students pass their FAC3701 exams with affordable, easy-to-understand, bite-sized video lectures and downloadable resources. Our online classroom which is open 24/7 as well as top quality lecturer support will help you make the most of your exams. FREE DEMO COURSES FOR UNISA FAC3701 We offer free DEMO courses that are jam-packed with enormous value. When you register, you will receive free access to the first study unit of each of our accounting and auditing courses. The following is included: • World-class study-aids • Free lecture videos • Free downloadable content • Free access to our online classroom
Views: 23726 Tabaldi Education
Forward Contract Accounting With Journal Entries (Hedge Accounting)
 
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Accounting required for a forward contract which is a financial derivative instrument, how to record a forward contract on the Balance Sheet And Income Statement from both the buyers and sellers propsective,seller agrees to deliver specific amount of an asset (commodity) in the future while buyer agrees to purchase asset in the future, example includes the contract date, when asset is exchanged and revaluation or amortization of any discount or premium, also spot and forward rates, forward price, detailed accounting example with journal entries by Allen Mursau
Views: 48897 Allen Mursau
FINBites: Foreign Exchange - Transaction
 
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This video is part of the FINbites Accounting for Foreign Exchange series, a joint production of Chartered Accountants Australian and New Zealand and drdavebond. In this video we'll look at how a foreign exchange transaction involving a monetary item is accounted for using IAS 21 The Effects of Changes in Foreign Exchange Rates. Presenter: Dr David Bond CA. For more info on the CA Program: http://www.charteredaccountants.com.au/candidates/the-chartered-accountants-program
Views: 6308 drdavebond
Accounting for Revaluations of PPE
 
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This video outlines how to account for PPE revaluations pursuant to AASB 116 Property, Plant and Equipment (please note that AASB 116 is equivalent to IAS 16 Property, Plant and Equipment). Published on 6/4/2014
Views: 80350 drdavebond
How To Memorize All Accounting Standards in Just 10 Minutes
 
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Download The PDF of this video http://www.caclubindia.com/share_files/how-to-memorize-all-accounting-standards-in-a-fun-way-71829.asp “Welcome To Sumit Solution” In This Video, I am trying to build a story based memory technique to remember all the names of Accounting Standards in a fun way. I am pretty sure that after watching this video 3-4 times you will never forget any name of the ASs. The major part of the background narration in this video is in Hindi, BUT still is very useful for those who don’t understand Hindi. They can easily understand by watching the visuals. Note: Those who don’t understand Hindi may MUTE the audio and watch Video only. I Hope you guys will be surely benefited from this video. Please Like, Share and Comment on this video
Views: 150318 Sumit Swarnakar

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